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India is running out of money, Mr. Modi. Embrace foreign debt.

Delhi should take advantage of historically low interest rates and low external debt

| India
Construction site of Regional Rapid Transit System in Ghaziabad, pictured on Sep. 9: infrastructure projects take years to break even and need long term financing.   © Hindustan Times/Getty Images

Amit Jain is a Singapore-based consultant who helps clients navigate frontier markets and fragile states. He provides technical assistance and transaction advice on upstream projects.

Like many central banks around the world, the Reserve Bank of India has pumped liquidity into the country's banking sector to help prevent an economic collapse brought about by COVID-19.

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